Australia happens to be a particularly superb place to commit to solar energy, as it has the most amount of solar radiation in the world as far as continents go. Investing in a solar installation for your home is almost a no-brainer. Here are some ways doing so will mean more money for your wallet later.
The Australian government may subsidize part of the costs for solar panel installation if you apply for a “Small-scale Technology Certificate.” Small-scale Technology Certificates are usually sold back to the company which installed the solar panels, to begin with for immediate cash-back, but they can also be sold on the open market.
Return of Investment
Even if some of the government incentives begin to disappear in the next several years, the disparity between electricity prices and solar prices is so large, that you will still save lots. Further, the price of electricity is going up over time, but once you have installed solar panels in your home, there are, no extra sun costs. The cost of the sun does not rise! That means you will save even more money on electric as time goes on, continually increasing your return of investment.
It commonly will take about 5 years to get back the money spent on solar system installation. This payback period can vary more or less depending on the area you live in and the amount of sunshine available there. Either way, it is a relatively short amount of time considering the savings you will incur thereafter.
Raise the Value of Your Property
Even if you decide to move homes before the time of your return of investment, you still will come out on top. That’s because the value of your home will increase undoubtedly. New owners or tenants of the house will be able to pay more to buy or rent it because they will save so much on energy bill costs.
Store Energy When It’s Available, Use it When It’s Convenient
Solar panels allow for a storage of energy when there is an excess, for example, when you are not even home. If you are at work all day and not using the harvested solar energy, it can be used at a later time, especially when you most need it.
You can even get money back when you have extra energy to return to the grid and lower your power bill. This action is facilitated by feed-in tariffs (FiT) paid to you by the electric company for providing them with energy. That means if you are harvesting more energy than you are using, you still save money. Further, the Commonwealth does not tax these earnings as if they were income.
If the long-term commitment intimidates you despite the major payoff and return of investment, leasing is always another option. Some companies will even allow their clients to buy the solar panel equipment at the end of their leasing term. This way, you can experience the savings solar energy can give you without investment. Once you have first-hand proof you most probably will go for the purchase.
Why You Need a Solar Panel